Waiver of subrogation rights

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Shahed
Posts: 168
Joined: Fri Apr 05, 2019 5:26 pm

Waiver of subrogation rights

Post by Shahed » Thu Nov 10, 2011 12:00 am

One of our customer is requesting to issue a L/C with a condition of waiver of subrogation rights, including those under UCC 5 -117.

Any idea, what does it mean. Can we issue ?

Shahed
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DanielD
Posts: 538
Joined: Fri Apr 05, 2019 5:16 pm

Waiver of subrogation rights

Post by DanielD » Fri Nov 11, 2011 12:00 am

Uniform Commercial Code of the US. Art. 5 deals with letters of credit. Par. 117 with:"Subrogation of issuer, Applicant and Nominated Person". Have a nice reading.
Regards Daniel
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